KB Kookmin Bank is moving to introduce a tailored concierge service for ultra-high-net-worth clients. The initiative aims to expand beyond the asset management services currently offered to private banking (PB) clients into non-financial areas such as travel and cultural arts tailored to individual ultra-wealthy customers.
According to financial industry sources on the 7th, Kookmin Bank has begun identifying potential operators to launch the "Ultra-Premium Client Concierge Service" (tentative name). Concierge refers to services that support clients with reservations, guidance and other personalized requests.
Kookmin Bank is considering running the service for around 100 clients at the top of its asset rankings. The move is intended to offer benefits more finely segmented than existing PB services to ultra-high-net-worth clients whose assets reach tens of billions of won. The bank is reviewing a plan to differentiate service limits by tier, dividing budgets such as 5 million won for Tier 1, 4 million won for Tier 2 and 3 million won for Tier 3.
The service scope is expected to include non-financial areas such as booking travel, performances and golf. Kookmin Bank currently provides services to ultra-high-net-worth clients with assets of 3 billion won or more through its "Gold & Wise the First Center." These services mainly consist of asset management offerings such as family office services covering inheritance, gifting and business succession, along with real estate investment advisory and tax management consulting. Cultural and leisure programs such as operas, concerts and golf events have largely been provided in the form of event invitations. Once the concierge service is introduced, offerings tailored to each client's individual preferences will become possible.
Competition to retain high-net-worth clients is intensifying across the industry. "Ultra-high-net-worth clients are a core customer group for the bank, and the need to provide differentiated services across daily life, not just asset management, is growing," a Kookmin Bank official said. "We plan to finalize specific operational details going forward."
